Ailing smartphone maker BlackBerry is going private in a bid to revive its fortunes after struggling to combat cut-throat competition from Apple and Samsung.

The Canadian group’s biggest shareholder, property and casualty insurer Fairfax Financial, has offered to take BlackBerry off the market in a $4.7billion (£2.9bn) deal that should allow the company to regroup away from public scrutiny.

The $9-a-share tentative offer from a consortium led by Fairfax will set a floor for any counter offers that might emerge for BlackBerry, which has been on the block since August.

Ontario-based BlackBerry once dominated the market for secure on-your-hip email. Its shares peaked above $148 in June 2008 when the company’s devices were still the top choice for bankers, politicians and lawyers, far above Monday’s closing price of $8.82.

It introduced consumer-friendly touchscreen smartphones only after it lost the lead to Apple’s iPhone and devices using Google’s Android operating system.

On Friday, BlackBerry said it would step back from the consumer market and focus on what it calls enterprise customers – such as businesses and governments.

BlackBerry has until November 4 to seek superior offers, which the Fairfax group has the right to match.